User Account

All Pages

What are the tax implications of this distribution

Assignment Help Accounting Basics
Reference no: EM132078278

Question - Pearlie, a sole shareholder, has a $15,000 stock basis and a $7,000 basis in a loan that she made to Lexus, a calendar year S Corporation with no AEP. At the beginning of the tax year, the corporation's AAA and OAA balances are zero. Ordinary income for the year is $20,000. Lexus also received $5,000 of tax-exempt interest income during the year. Cash of $50,000 is distributed to Pearlie on November 15. What are the tax implications of this distribution?

Reference no: EM132078278

Questions Cloud

Establish the existing threats and risks to the security : Establish the existing threats and risks to the security of that data and information contained in the in-house HR database.
What are the tax consequences to the shareholder : JJB Corporation, an accrual basis taxpayer, has struggled to survive since its formation, six years ago. What are the tax consequences to the shareholder
What are the best practices for cctv : What are the best practices for CCTV. In proper APA format, write a minimum of 2 paragraphs. The response must be typed.
Reflect on how you applied the knowledge gained in security : Reflect on how you applied the knowledge gained in Security Architecture and Design & Physical Security classes this semester to your internship or work.
What are the tax implications of this distribution : Cash of $50,000 is distributed to Pearlie on November 15. What are the tax implications of this distribution
How should you not report computer crime : What is most often overlooked when planning for information security?What is not considered the misuse of information?
Recruitment and selection in canada : Read the Google case presented on page 518 of Recruitment and Selection in Canada(2016). You have been hired by Google to evaluate its newly implemented
Establish the existing threats and risks to the security : Establish the existing threats and risks to the security of that data and information contained in the in-house HR database.
How does robot security devices allow effective security : How does robot security devices allow effective and safer security in dangerous areas? In proper APA format, write a minimum of 2 paragraphs.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd